vs
IPG PHOTONICS CORP（IPGP）与丰田北美（MPAA）财务数据对比。点击上方公司名可切换其他公司
IPG PHOTONICS CORP的季度营收约是丰田北美的1.6倍（$274.5M vs $167.7M），IPG PHOTONICS CORP净利率更高（4.8% vs 1.1%，领先3.8%），IPG PHOTONICS CORP同比增速更快（17.1% vs -9.9%），IPG PHOTONICS CORP自由现金流更多（$10.9M vs $-8.6M），过去两年IPG PHOTONICS CORP的营收复合增速更高（4.4% vs -5.9%）
IPG光电是全球领先的光纤激光器制造商，率先实现光纤激光器的技术研发与商业化落地，产品广泛应用于材料加工、医疗、电信等多元领域，在美国、德国、俄罗斯、意大利均设有生产基地，为全球各行业客户提供高性能的激光解决方案。
丰田北美（TMNA）是丰田汽车旗下负责加拿大、墨西哥及美国全境业务的运营子公司，业务范围覆盖研发、生产制造、销售营销、售后及企业管理等板块，相关核心业务由TMNA统筹，部分板块由其他子公司及控股企业负责执行，公司总部位于得克萨斯州普莱诺，在肯塔基州乔治敦等多地设有分支机构。
IPGP vs MPAA — 直观对比
营收规模更大
IPGP
是对方的1.6倍
$167.7M
营收增速更快
IPGP
高出27.1%
-9.9%
净利率更高
IPGP
高出3.8%
1.1%
自由现金流更多
IPGP
多$19.6M
$-8.6M
两年增速更快
IPGP
近两年复合增速
-5.9%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $274.5M | $167.7M |
| 净利润 | $13.3M | $1.8M |
| 毛利率 | 36.1% | 19.6% |
| 营业利润率 | 1.2% | 5.0% |
| 净利率 | 4.8% | 1.1% |
| 营收同比 | 17.1% | -9.9% |
| 净利润同比 | 69.8% | -22.4% |
| 每股收益（稀释后） | $0.30 | $0.09 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收IPGPMPAA
| Q4 25 | $274.5M | $167.7M | ||
| Q3 25 | $250.8M | $221.5M | ||
| Q2 25 | $250.7M | $188.4M | ||
| Q1 25 | $227.8M | $193.1M | ||
| Q4 24 | $234.3M | $186.2M | ||
| Q3 24 | $233.1M | $208.2M | ||
| Q2 24 | $257.6M | $169.9M | ||
| Q1 24 | $252.0M | $189.5M |
净利润IPGPMPAA
| Q4 25 | $13.3M | $1.8M | ||
| Q3 25 | $7.5M | $-2.1M | ||
| Q2 25 | $6.6M | $3.0M | ||
| Q1 25 | $3.8M | $-722.0K | ||
| Q4 24 | $7.8M | $2.3M | ||
| Q3 24 | $-233.6M | $-3.0M | ||
| Q2 24 | $20.2M | $-18.1M | ||
| Q1 24 | $24.1M | $1.3M |
毛利率IPGPMPAA
| Q4 25 | 36.1% | 19.6% | ||
| Q3 25 | 39.5% | 19.3% | ||
| Q2 25 | 37.3% | 18.0% | ||
| Q1 25 | 39.4% | 19.9% | ||
| Q4 24 | 38.6% | 24.1% | ||
| Q3 24 | 23.2% | 19.8% | ||
| Q2 24 | 37.3% | 17.2% | ||
| Q1 24 | 38.7% | 18.4% |
营业利润率IPGPMPAA
| Q4 25 | 1.2% | 5.0% | ||
| Q3 25 | 3.1% | 7.4% | ||
| Q2 25 | 0.0% | 10.7% | ||
| Q1 25 | 0.8% | 8.4% | ||
| Q4 24 | 6.0% | 9.4% | ||
| Q3 24 | -108.7% | 6.0% | ||
| Q2 24 | 4.7% | -3.8% | ||
| Q1 24 | 7.6% | 6.4% |
净利率IPGPMPAA
| Q4 25 | 4.8% | 1.1% | ||
| Q3 25 | 3.0% | -1.0% | ||
| Q2 25 | 2.6% | 1.6% | ||
| Q1 25 | 1.6% | -0.4% | ||
| Q4 24 | 3.3% | 1.2% | ||
| Q3 24 | -100.2% | -1.4% | ||
| Q2 24 | 7.8% | -10.6% | ||
| Q1 24 | 9.6% | 0.7% |
每股收益（稀释后）IPGPMPAA
| Q4 25 | $0.30 | $0.09 | ||
| Q3 25 | $0.18 | $-0.11 | ||
| Q2 25 | $0.16 | $0.15 | ||
| Q1 25 | $0.09 | $-0.03 | ||
| Q4 24 | $0.27 | $0.11 | ||
| Q3 24 | $-5.33 | $-0.15 | ||
| Q2 24 | $0.45 | $-0.92 | ||
| Q1 24 | $0.52 | $0.06 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $839.3M | $19.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.1B | $258.5M |
| 总资产 | $2.4B | $991.3M |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资IPGPMPAA
| Q4 25 | $839.3M | $19.6M | ||
| Q3 25 | $870.4M | $17.7M | ||
| Q2 25 | $899.6M | $14.5M | ||
| Q1 25 | $926.9M | $11.3M | ||
| Q4 24 | $930.2M | $12.7M | ||
| Q3 24 | $1.0B | $12.3M | ||
| Q2 24 | $1.1B | $9.4M | ||
| Q1 24 | $1.1B | $15.8M |
股东权益IPGPMPAA
| Q4 25 | $2.1B | $258.5M | ||
| Q3 25 | $2.1B | $258.5M | ||
| Q2 25 | $2.1B | $260.1M | ||
| Q1 25 | $2.1B | $257.7M | ||
| Q4 24 | $2.0B | $262.7M | ||
| Q3 24 | $2.1B | $264.0M | ||
| Q2 24 | $2.3B | $267.2M | ||
| Q1 24 | $2.3B | $285.1M |
总资产IPGPMPAA
| Q4 25 | $2.4B | $991.3M | ||
| Q3 25 | $2.4B | $990.0M | ||
| Q2 25 | $2.4B | $973.4M | ||
| Q1 25 | $2.3B | $957.6M | ||
| Q4 24 | $2.3B | $949.5M | ||
| Q3 24 | $2.4B | $986.2M | ||
| Q2 24 | $2.5B | $978.0M | ||
| Q1 24 | $2.6B | $1.0B |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $28.8M | $-8.2M |
| 自由现金流经营现金流 - 资本支出 | $10.9M | $-8.6M |
| 自由现金流率自由现金流/营收 | 4.0% | -5.2% |
| 资本支出强度资本支出/营收 | 6.5% | 0.2% |
| 现金转化率经营现金流/净利润 | 2.17× | -4.63× |
| 过去12个月自由现金流最近4个季度 | $-3.5M | $27.7M |
8季度趋势，按日历期对齐
经营现金流IPGPMPAA
| Q4 25 | $28.8M | $-8.2M | ||
| Q3 25 | $35.3M | $21.9M | ||
| Q2 25 | $-2.2M | $10.0M | ||
| Q1 25 | $13.4M | $9.1M | ||
| Q4 24 | $73.8M | $34.4M | ||
| Q3 24 | $66.1M | $22.9M | ||
| Q2 24 | $53.5M | $-20.8M | ||
| Q1 24 | $54.6M | $-9.3M |
自由现金流IPGPMPAA
| Q4 25 | $10.9M | $-8.6M | ||
| Q3 25 | $14.6M | $20.8M | ||
| Q2 25 | $-17.6M | $9.2M | ||
| Q1 25 | $-11.4M | $6.2M | ||
| Q4 24 | $50.6M | $33.7M | ||
| Q3 24 | $43.0M | $22.3M | ||
| Q2 24 | $29.2M | $-21.3M | ||
| Q1 24 | $26.5M | $-9.8M |
自由现金流率IPGPMPAA
| Q4 25 | 4.0% | -5.2% | ||
| Q3 25 | 5.8% | 9.4% | ||
| Q2 25 | -7.0% | 4.9% | ||
| Q1 25 | -5.0% | 3.2% | ||
| Q4 24 | 21.6% | 18.1% | ||
| Q3 24 | 18.4% | 10.7% | ||
| Q2 24 | 11.3% | -12.6% | ||
| Q1 24 | 10.5% | -5.2% |
资本支出强度IPGPMPAA
| Q4 25 | 6.5% | 0.2% | ||
| Q3 25 | 8.3% | 0.5% | ||
| Q2 25 | 6.1% | 0.4% | ||
| Q1 25 | 10.9% | 1.5% | ||
| Q4 24 | 9.9% | 0.4% | ||
| Q3 24 | 9.9% | 0.3% | ||
| Q2 24 | 9.4% | 0.3% | ||
| Q1 24 | 11.1% | 0.3% |
现金转化率IPGPMPAA
| Q4 25 | 2.17× | -4.63× | ||
| Q3 25 | 4.73× | — | ||
| Q2 25 | -0.34× | 3.30× | ||
| Q1 25 | 3.58× | — | ||
| Q4 24 | 9.44× | 15.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.65× | — | ||
| Q1 24 | 2.27× | -6.93× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
MPAA
| Reportable Segment Aggregation Before Other Operating Segment | $156.3M | 93% |
| Other | $11.4M | 7% |
